KEY TAKEAWAY: A Rainy Day (Emergency) Fund is an essential part of what supports our financial well-being because it creates a financial buffer from unexpected financial events. Scroll down to watch the video on what an RDF is, why you need one, how much you need in your RDF, how to build your RDF (including how to balance building your RDF with other financial priorities), and where to keep your RDF. 

If you faced an unexpected financial crisis — such as a sudden job loss, a medical emergency, or an unexpected home repair – would you be financially ready for it? Many of us wouldn’t be. Therefore, today, we’re talking about Rainy Day (Emergency) Funds and why they are an essential part of what supports your financial well-being.

In this video, I cover: 

• What A Rainy Day Fund Is
• How Much You Need in Your Rainy Day Fund
• How to Build Your Rainy Day Fund
• How to Balance Other Financial Priorities While Building Your RDF
• Where to Keep Your RDF

Watch it here:

References:

Best Places To Keep Your Emergency Fund https://www.forbes.com/advisor/banking/best-places-to-keep-your-emergency-fund/

Patryk Babiarz & Cliff Robb, 2014. Financial Literacy and Emergency Saving. Journal of Family and Economic Issues. https://ideas.repec.org/s/kap/jfamec.html, Springer, vol. 35(1), pages 40-50, March.

What Is a Roth IRA https://www.forbes.com/advisor/retirement/roth-ira/

Zippia. How Many Americans Live Paycheck To Paycheck? [2023]: Income Insecurity Statistics In The U.S.  Zippia.com. Nov. 7, 2022, https://www.zippia.com/advice/how-many-americans-live-paycheck-to-paycheck/

IMPORTANT: The information provided is for educational and informational purposes only. It is not intended to be a substitute for professional advice, diagnosis, or treatment. Always seek the advice of a qualified professional with any questions you may have regarding the topics discussed here as the topics discussed are based on general principles and may not be applicable to every individual. 

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